this is truly unreal, panic is taking hold as the decent begins: http://www.stopoilspeculationnow.com/
American has always had plenty of socialists, I don't see why this is such a surprise? This is the country that elected FDR to 4 consecutive terms, that had a Republican president impose wage and price controls, that puts up protectionist tariffs under so-called right-winger Bush. American is a socialist country and culture just like the rest of the G7. I would also note that none of their proposals will result in lower oil prices.
If Socialism benefits the largest number of people (and it does), if Socialism reduces the effects and exposure of life's meanness such as hunger and sickness (and it does), and if Socialism reduces disparity in the distribution of wealth (and it does), then it is the best form of gov't. It blows my mind to continually hear/read the social Darwinist's wringing their hands over gov't action that will prevent misery for a very large number of people.
Prevent oil prices from getting higher? Why? Under the same logic they should prevent people from asking and getting a raise (usually working harder and smarter).
That all sounds great, but it does not pan out in reality. Survival of the fittest is part of nature. It is what motivates people to improve and innovte. That is why capitolist societies enjoy the greatest wealth at all levels. Some rules are needed to prevent exploitation such as a minimum wage (and I think it should be a lot higher, by the way), but overall the less regulation the better.
Socialism reduces productivity and wealth. This means less to spend on hospitals, schools, food, and the production inefficiency increases the cost of living. The reduced medical & health standards alone have killed more people than died in the Holocaust. All the evidence shows that banning speculation reduces the efficiency of prices, makes it harder to hedge, and increases price volatility. Look at onion prices the last 2 years and compare them to oil. Black gold looks like a smooth ride in comparison. Onions are the only commodity where futures trading is banned in the USA. Even a full-on socialist economist should support speculation, because the economic effects of it benefit everyone in society. Unsurprisingly, a massive majority of economists (far more than the general population) think speculation is beneficial. When the experts have a consensus that differs from the consensus of the public, it is almost always the experts who are right. From your post it appears you are either unaware of the effects of speculation and misunderstand them, or want everyone to be poorer, for lots of people to die unnecessarily, for energy production to become scarcer, less efficient, and more risky, and for oil prices to be a lot higher. Because that will be the result of your preferred policies.
"Speculators help stabilize the economy by speeding up the price discovery process. To see how a lag can destabilize a feedback processes, you can try to put a key in a keyhole wearing a blindfold, and having a friend guide you verbally. Operating an economy without speculation is like trying to drive a car with a blindfold. Politicians traditionally blame speculators for the price increases that their own political policies induce." -Ed Seykota. From FAQ section at Seykota.com
interesting how the fed and congress gets a lot of heat for meddling with markets and then people ask them to do more if it when it comes to oil under the illusion it will lower the gas bill
People love credit bubbles, when they are financing their make believe lives that they can't really afford. Reallity hurts, it's payback time. No more credit!